13 October 2015: Nifty Elliott wave analysis: A profit taking from near to 8250 may get support around 8080. Fresh short can be added only if it breaks 8080.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 12 October 2015: -

On 09 October 2015: FII Net Bought – INR 317.56:  DII Net sell – INR – 175.07

As quoted yesterday we saw a top around 8250 and then a fall hit. This is a normal profit taking. Most bullish position is maintaining a stop loss around 8080 levels. Current profit taking came from 100 DMA which is an usual event.

I cannot name it as sign of weakness unless it closes below 8080. This is key support levels which market may not find easier to cross. Can it go choppy around this level? Yes, it may.

For today’s trading session, we may see some opening on flat note but immediate support is around 8080 levels only. If it breaks 8080 then we may have some chance for significant profit taking. On higher side 8200-8250 will a short term resistance.

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Strategy for Nifty October future – We have added a short in the zone of 8200-8210-8220 on higher side but this month may remain dull most of the time. I am looking for a target around 8100. Further trades depend on market condition. I can still say trade less for this month.

S&P 500 (USA) – My study remains same. This technical recovery may end anytime now. This gives us a sense that 2020 is a nearest resistance and recovery may not extend beyond 2020 levels. I feel that market will go on choppy mode now as it has saved itself from further weakness. Dull days are not suitable to trade but this is giving a sense to short around current levels now with stop loss above 2020 on closing basis.